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ED cracks down on gaming platform Probo in illegal betting probe; assets worth Rs 284.5 frozen - The Economic Times

Economic Times

Economic Times · 1d ago

ED cracks down on gaming platform Probo in illegal betting probe; assets worth Rs 284.5 frozen - The Economic Times

The Enforcement Directorate (ED) is investigating Probo Media Technologies, the operator of the Probo gaming app, for alleged illegal betting and money laundering. Authorities have frozen assets worth Rs 284.5 crore, including fixed deposits, shares, and bank locker contents. The company, claiming to be an "opinion trading" platform, misled users into gambling, with investigations revealing that outcomes were purely chance-based. Probo has raised $24 million in funds and received foreign investments.

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Peak XV-backed Probo, India’s Polymarket-like platform, faces ED probe

YourStory

YourStory · 1h ago

Peak XV-backed Probo, India’s Polymarket-like platform, faces ED probe

Probo Media Technologies, a platform similar to Polymarket, is under investigation by India's Enforcement Directorate (ED) for alleged illegal gambling activities. The ED conducted searches on Probo’s premises in Haryana, seizing documents and assets worth Rs 284.5 crore. Probo, backed by Peak XV Partners and other venture capital firms, maintains that it adheres to legal standards and cooperates with authorities. The company positions itself as a skill-based platform with 4.2 crore users, promoting financial opportunities.

ED Cracks Down: INR 90 Cr Seized from Crypto Giants

Inc42 · 1y ago

ED Cracks Down: INR 90 Cr Seized from Crypto Giants

The Enforcement Directorate has seized frozen crypto assets worth INR 90 Cr, kept in wallets of Binance, ZebPay and WazirX, in connection with a money laundering case involving online gaming app E-Nugget. The ED alleged that E-Nugget disguised itself as a gaming platform and lured users with promises of lucrative profits.

EaseMyTrip CEO Nishant Pitti Under ED Scanner in Mahadev App Probe

StartupTalky

StartupTalky · 1m ago

EaseMyTrip CEO Nishant Pitti Under ED Scanner in Mahadev App Probe

EaseMyTrip CEO Nishant Pitti is under investigation by the Enforcement Directorate (ED) for alleged involvement in the Mahadev betting scam. The ED suspects Pitti's collaboration in manipulating stock prices of listed companies using proceeds from illegal betting activities linked to the Mahadev app. The agency retrieved INR 7 lakh from Pitti's residence, deemed as potential proceeds of crime. Despite refuting the allegations, digital evidence reportedly links Pitti to the betting operations.

Mahadev Betting Scam: ED Arrests 2 More Accused, Probe Finds Manipulation Of Stocks

Inc42 · 1y ago

Mahadev Betting Scam: ED Arrests 2 More Accused, Probe Finds Manipulation Of Stocks

The Enforcement Directorate (ED) has arrested two more individuals, Girish Talreja and Suraj Chokhani, in connection with the Mahadev betting app scam. The ED launched an investigation based on FIRs filed by the Chhattisgarh Police and subsequently incorporated FIRs from the Visakhapatnam Police and other states. The probe revealed that Talreja has a stake in Lotus365, a sister concern of Mahadev Online Book, and is involved in illegal operations. The ED also discovered that Hari Shankar Tibrewal collaborated with the promoters of Mahadev Online Book in illegal betting activities and employed Chokhani to launder and disguise the proceeds of crime as share investments.

Betting app Fiewin in ED crosshairs; attaches assets including cryptocurrency in Binance

Economic Times

Economic Times · 9m ago

Betting app Fiewin in ED crosshairs; attaches assets including cryptocurrency in Binance

The Enforcement Directorate (ED) has seized assets, including cryptocurrency in Binance wallets, as part of an investigation into illegal online applications connected to Chinese nationals. Indian accomplices assisted Chinese nationals in running the illegal betting/gaming app called Fiewin, which promised easy money. The app generated around Rs 400 crore ($53 million) through simple luck-based games before the funds were funneled into Binance wallets owned by Chinese nationals. The ED has attached assets worth Rs 25.78 crore ($3.4 million), including cryptocurrency worth Rs 24.9 crore ($3.3 million) belonging to the Chinese nationals. Several Chinese nationals have been identified in connection with the case.

Illicit betting, gaming apps laundering money via kirana stores, finds ED

Economic Times

Economic Times · 10m ago

Illicit betting, gaming apps laundering money via kirana stores, finds ED

The Enforcement Directorate (ED) has discovered a money laundering operation conducted by illegal gaming and betting apps through local retail stores. Shop owners were deceived into believing they were participating in the domestic money transfer system. The ED found that a large portion of transactions processed by small retailers were payouts to winners of gaming and betting apps. These operators used various methods, including hawala networks and cryptocurrency, to obscure the financial trail. The probe agency suspects losses of over Rs 1 lakh crore and is investigating offshore gaming applications.

Illegal T20 WC Streaming: ED Searches 20 Premises

Inc42 · 10m ago

Illegal T20 WC Streaming: ED Searches 20 Premises

The Enforcement Directorate (ED) has frozen INR 2 crore and identified crypto wallets with balances worth INR 12 crore as part of an investigation. Search operations conducted in multiple cities led to the seizure of incriminating records and digital devices. The searches were initiated based on an FIR filed against the "magicwin" platform for unauthorized streaming of the ICC Men's T20 World Cup 2024 and operating an illegal online betting platform.

Probo assures full cooperation with authorities after ED raids

Entrackr

Entrackr · 16h ago

Probo assures full cooperation with authorities after ED raids

Probo assures full cooperation with authorities after ED raids Following the Enforcement Directorate's raids on Probo and seizure of assets worth Rs 284 crore, the Gurugram-based startup has issued a public statement addressing the developments. The company emphasized that it is fully cooperating with law enforcement in the ongoing inquiry and expressed confidence in emerging stronger through the process. “In light of recent developments, we would like to assure all stakeholders and the public that Probo is cooperating with law enforcement authorities in the ongoing inquiries,” a spokesperson said. Probo highlighted its role in building a “nascent-yet-transformative” technology and underscored its belief in India’s regulatory ecosystem. “We remain confident that our commitment to compliance and innovation will help us emerge stronger. We have complete faith in India's robust regulatory framework and its vision for responsible tech innovation,” the spokesperson added. Probo, which claims to operate a skill-based platform and India's leading information marketplace, also shared metrics on its user base and reach. According to the statement, over 4.2 crore users have accessed the platform, which the company says offers wealth creation opportunities beyond traditional financial systems. The company also reaffirmed its adherence to applicable laws and emphasized user safety and trust as top priorities. The ED action is part of a broader probe into what the agency has termed "illegal online betting operations under the guise of opinion trading.” Probo is among several platforms currently under scrutiny.

Govt issues orders to ban 22 illegal betting apps

Economic Times

Economic Times · 1y ago

Govt issues orders to ban 22 illegal betting apps

The Indian government has banned 22 illegal betting and gambling apps and websites, including the controversial app Mahadev Book Online. The Ministry of Electronics and Information Technology (MeitY) issued the order to block these apps and websites following investigations conducted by the Enforcement Directorate (ED) against Mahadev Book's unlawful operations. The ED had seized assets worth INR 417 crore in connection with the app in September and alleged that it made INR 450 crore per month by offering illegal bets through various online applications.

Mahadev Betting App Case: ED Files Fresh Chargesheet, Names 25 Accused

Inc42 · 1y ago

Mahadev Betting App Case: ED Files Fresh Chargesheet, Names 25 Accused

The Enforcement Directorate (ED) has filed a fresh chargesheet in the Mahadev online betting and gaming app case, involving politicians and bureaucrats from Chhattisgarh. The chargesheet lists 25 individuals and entities as accused, including Girish Talreja and Suraj Chokhani. The app, founded by Sourabh Chandrakar and Ravi Uppal, facilitated illegal betting websites and money laundering through a network of benami bank accounts. The case gained attention after Chandrakar's lavish wedding in Dubai, allegedly costing over INR 200 Cr. The ED has arrested 11 individuals so far and the court is expected to take cognizance of the chargesheet on May 4.

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